Absa firing is an attack on corporate governance — Sipho Pityana: Absa announced that the businessman was removed from its boards after being accused of acting against the banking group’s best interest
on Wednesday, Pityana said Absa’s decision to remove him is an attack on his constitutional right to approach the court. “Every citizen in this country has that right,” he said.
“While the boards respect Mr Pityana’s individual right to administrative fairness, unfortunately in this matter, the boards concluded that the pursuit of his personal interest at the cost of the group’s interest created a sustained and irresoluble conflict. Absa has a duty to its stakeholders to put the group’s interest before individual interests,” the statement added.
“It is an unlawful decision. So I will instruct my legal team to challenge their decision … I am confident that the court will find in favour of my right to assert myself.” “Independent, as in having independence of mind … So the idea that my colleagues on the board who differ with me on the issue on whether it is right to take the Prudential Authority to court feel that our difference is a sufficient basis for them to remove me — I think is an attack on the architecture of our governance framework.”
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
BREAKING NEWS: Absa kicks Sipho Pityana off its boardThe banking group says it has determined Pityana’s recent conduct meant he had been derelict in his board duties
Read more »
BREAKING NEWS: Absa kicks Sipho Pityana off its boardThe banking group says it has determined Pityana’s recent conduct meant he had been derelict in his board duties
Read more »
Sipho Pityana removed from Absa boardSipho Pityana has been removed from the Absa board with immediate effect, the banking group said on Wednesday, due to 'dereliction' of his board responsibilities.
Read more »
Sipho Pityana removed from Absa boardSipho Pityana has been removed from the Absa board with immediate effect, the banking group said on Wednesday, due to 'dereliction' of his board responsibilities.
Read more »
Absa fires Sipho Pityana from its board with immediate effectEarlier this month, Absa fired the businessman from key board positions.
Read more »
Sipho Pityana to take Absa to court for firing him from boardSipho Pityana, who was fired by Absa as a board director after refusing to resign, will take the bank's decision to court.
Read more »